The alleged online broker CamTrade sells itself as a trustworthy platform for online trading. However, evidence is mounting that CamTrade is not doing things by the book. Reports from traders about CamTrade are accumulating, talking about telephone terror, rip-offs, and investment fraud. All investors lost their capital invested with CamTrade. Serious doubts are announced. Meanwhile, many investors of the CamTrade have concern that it concerns an investment fraud. All investors of CamTrade ask themselves whether they became victims of investment fraudsters? And what can the investors of CamTrade do if the suspicion of investment fraud is confirmed? How do the investors of CamTrade get their money back? Does it make sense to file a criminal complaint against CamTrade with the police? What help is available in case of investment fraud?
CamTrade: Questionable affirmations on the website www.camtrade.io!
What do the perplexed prospective customers have to receive on www.camtrade.io? "CamTrade is a leading provider of online trading services...CamTrade offers traders a world-class trading experience in over 160 countries worldwide...With a camtrade account, traders can trade over 175 products, from currencies, commodities, and metals to options, through their desktop, tablet, or smartphone devices...CamTrade offers its traders personalized FX education programs, dealing room specialists, rewarding Introducing Broker programs, and innovative and competitive partner offerings." This is just a small sample of the suspect promises investors will find on CamTrade's website. Not a single one of these given promises by CamTrade has been kept. Unfortunately, the dubious business practices rather make for unhappy investors and miserable experiences!
CamTrade: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the CamTrade makers is that the website does not contain an imprint. Thus, the complete information about the legally responsible operators of the website is missing. If one takes a look at the domain data of the web page of CamTrade, no references to the operators are to be found there. However, one learns that the domain was already registered with NameCheap, Inc. on 12/24/2020. The real domain owners hide behind the Icelandic anonymization service Withheld for Privacy ehf.
CamTrade: Who is behind it?
Answering this question will be rather difficult for many investors, as the CamTrade makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators mostly operate several of these websites with the same fraudulent business model. These are created in advance, quickly put online, and just as quickly shut down. The top-level domain is often changed to deceive financial regulators and law enforcement agencies. But who is the operator? There is scant information about this on the CamTrade website. The two companies CamTrade Ltd. and CamTrade PTY LTD. with the business address 80 Fulham Road, London, United Kingdom are stated, but the creators of CamTrade cannot be found under this address. Besides, there is still the obligatory support email address and the British telephone number +442031505124. The worldwide search for CamTrade in the relevant registers leads to no result. This makes it clear that this is a pure fantasy product.
CamTrade: The customer acquisition of the investment cheats
Here the same procedure is found again and again: The recommendations of CamTrade are propagated in all possible media and channels. Often enough the offers are false promises. To increase the deception, they upload movies on Youtube, in which interested investors are convinced with false references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with a misleading reference to the TV show "Die Höhle der Löwen". In parallel, a mostly aggressive affiliate program is launched to give others incentives to beat the advertising drum for CamTrade.
CamTrade: Criminal business practices
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Usually, the investors start with a small sum as employment. Beforehand, investors are also often motivated to install remote maintenance software, such as AnyDesk or TeamViewer on their computers, so that assistance can supposedly be provided with the first steps. In many cases, the computer is subsequently manipulated and unwanted transactions are carried out. In the process, the investment fraudsters also frequently gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform to entice the customer to place further high stakes. In some cases, even small sums are returned to lull investors into a sense of security. Who then does not want to increase the stakes further? But what happens next?
CamTrade: Repayment of the money is linked to conditions
Once in, an exit is mostly impossible. Rather, the administrators of the investment scammers tie the repayment of the money to further deposits. This is where employees come in, claiming alleged tax debts and commission payments. If these are settled, it would come to the disbursement of the allegedly obtained profits. The perpetrators send the investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. A clearing with the allegedly obtained profits is never possible. If an investor refuses further deposits, alleged profits are converted by senseless transactions into losses and the customer is maximally damaged. This is not the end of the horror, but investors are permanently confronted with calls from other dubious providers. This indicates that the contact details of the investors are further traded among the investment fraudsters. In the end, a "savior" regularly comes forward, claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off! And of course, the "savior" wants a small fee - in advance!
CamTrade: Scheme of investment fraud?
There is no regulation of the online broker CamTrade. CamTrade lacks the legitimacy of a recognized European financial regulator, such as the English Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySec), which is often used by brokers. Likewise, there is no authorization from the Swiss Financial Market Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. For this, there is a warning from the Commissione Nazionale per le Società e la Borsa (CONSOB) dated 14.10.2021. This is the Italian supervisory authority for the financial market and financial services. It is effortless to see that CamTrade is a scheme of capital investment fraud. All those harmed by CamTrade are advised to consult an investment fraud lawyer immediately.
CamTrade: Where do the fraudsters operate?
The illegal activities of CamTrade were unfortunately not limited to the English-speaking world. Because CamTrade addresses German-speaking investors as well, it is only a matter of time until the defrauded investors of this speaker group also come forward. A look at the list of regulators is advisable before any financial commitment to reduce the risk of becoming a victim of investment fraud.
CamTrade: Investors want their money back!
The constellation is far better than it seems. The aggrieved investors can take action against investment fraud and reclaim the invested capital. As of today, it is rather unlikely that the investment fraudsters of CamTrade will be seized promptly, but there is still reason to hope. Hope because the money flowed through accounts provided by financial institutions striving to maintain a good reputation. The financial institutions failed to check the deposits of the investors, some of which were high and therefore subject to controls, and their forwarding for illegality. Such omissions made their criminal action possible for the investment fraudsters.
CamTrade: They want their money back! How does it work?
Equipped with this knowledge, investors would never have gotten involved in an investment with CamTrade. Now the only option left for the victims is to try to recover the invested capital. Many investors cannot even imagine that there is any real chance of ever seeing their money back. Probably all of them are now wondering if they can get their money back? Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering." When investment fraudsters collect money, the crime of money laundering is committed. Financial institutions must take action against money laundering. This is where one starts with good chances of success. For this purpose, essential points should be clarified. To which destination were the funds embezzled by CamTrade sent? Can investors somehow get back the money they invested with CamTrade? What actions are advisable from now on? A lawyer specializing in capital investment fraud will best answer such questions for you.
CamTrade: Who can help?
What to do in case of investment fraud? What help with investment fraud can the victims of CamTrade hope for? The victims of CamTrade will ideally find the help they need with an experienced investment fraud lawyer. He or she will be able to take care of your CamTrade case both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A lawyer for trading also comes into question, because he is also familiar with the methods of fraudulent brokers, such as CamTrade.
CamTrade: Follow the money!
Abuses of such kind on the grey capital market pursue the internationally active Anlegerschutzkanzlei Resch attorneys for over 30 years. The proceeding of the CamTrade is so regarded as nothing new. Over time, Resch Rechtsanwälte has developed an effective arsenal of instruments for tracking down the missing sums of money and tracing the money flows. In the age of the Internet, it is becoming increasingly difficult to make funds disappear. The faster investors track the money, the more promising it is that they can have their money secured. It is important now that investors who have been harmed by the CamTrade act without delayed.
RESCH Attorneys at Law - Experience in investor protection since 1986
If you have become a victim of CamTrade and want to know if and how you can get your money back, call +48 30 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.